Zain Group has announced it has held its annual Ordinary General Assembly at the company’s headquarters in Shuwaikh, Kuwait. The meeting saw the election of the Group Board of Directors for the next three years.
The incoming Board members now constitute the following:
Mohannad Mohammad Al-Kharafi; Bader Nasser Al-Kharafi; Ahmed Tahous Al-Tahous (the representative of the Kuwait Investment Authority); the corporate entities: Fajer Al Nasim for selling and buying stocks represented by Houssam Fawzi Al-Kharafi; Nasim Al-Delta for selling and buying stocks represented by Khaled Ali Al-Ghanim; Abeer Al-Shorouq for selling and buying stocks represented by Talal Jassem Al-Kharafi; Jawharat Gibla for selling and buying stocks represented by Faisal Nizar Al-Nusif; and Dana Al Qebla for selling and buying stocks represented by Khaled Waleed Al-Falah.
The newly elected board of directors met immediately after the election and appointed Mohannad Mohammed Al-Kharafi as the Chairman of Zain Group, Bader Nasser Al-Kharafi as Vice-Chairman and Chief Executive Officer of Zain Group, and appointed Scott Gegenheimer in a new role as Chief Executive Officer of Operations.
During the General Assembly, Zain Group reported an increase in net profit by 2% year-on-year to reach $519 million, reflecting earnings per share of $0.13. Zain Group’s customer base grew by 3% during the year, reaching more than 47 million customers.
During the General Assembly, Chairman Asaad Ahmed Al Banwan explained that Zain’s financial results were affected by social unrest and security risks in several of the company’s markets, along with fluctuations in currency exchange rates and monetary policies that were imposed in some markets.
The Chairman commented, “The Group continued its strategy to diversify its business amid large shifts in the telecommunications industry. We also made tremendous progress in focusing on the operational efficiency, strengthening our plans to rationalise costs and capital expenditures.”
During the annual General Assembly, the Vice Chairman, Bader Al Kharafi said, “The result of several factors beyond our control negatively impacted our overall operational performance in 2016, as we witnessed worsening social economic developments affecting Zain operations in Iraq and Sudan. “
Al Kharafi continued, “Amidst these difficult circumstances, Zain still made strategic and operational progress, and in Saudi Arabia, for example, the decision from the Communications and Information Technology Commission to extend Zain Saudi Arabia’s license for an additional 15 years was a significant boost to the operation there.”